Terms and Concepts Archives - Page 2 of 4

Autarky

Autarky refers to the state where the country has no trade with any other country. It is a closed economy.

Usually, goods are categorized into three different groups, which are: normal goods, inferior goods and Giffen goods.

The 20:20 ratio compares the average income of the top 20% richest of a given society to the poorest 20% of that society.

Inequality refers to the unfair situation in a society when some people have more opportunities, money, etc. than other people.